Copper futures up on spot demand

Written by Agencies | New Delhi | Updated: Jun 30 2011, 22:21pm hrs
Copper prices rose by Rs 2.65 to Rs 417.70 per kg in futures trade on Thursday as traders enlarged their positions in tandem with a firming global trend.

At the Multi Commodity Exchange, copper for delivery in June gained Rs 2.65, or 0.64 per cent, to Rs 417.70 per kg, with a business turnover of 7,428 lots.

Likewise, the metal for delivery in August added Rs 2.55, or 0.61 per cent, to Rs 422 per kg, with an open interest of 6,387 lots.

Market analysts said increased buying by traders in tandem with a firming trend in overseas market mainly led to rise in copper futures prices.

Meanwhile, copper for three-month delivery climbed by 0.3 per cent to USD 9,345 a tonne on the London Metal Exchange.